Aluminium prices should trade downward going forward once China's demand expectations sour, Novelis' South American chief operating officer Francisco Pires told Fastmarkets on Tuesday November 27.
In Brazil, ingot premiums are expected to continue following US Midwest levels, although there are very different dynamics applied to each market, according to Pires. Buyers are currently negotiating 2019 supply contracts.Fastmarkets' P1020A spot premium assessment for Brazilian main ports was $165-175 per tonne cif on November 27, stable since October 23. The US Midwest P1020 premium stood at 19.25-19.75 cents per lb on the same day, unchanged since October 26.Downstream producers in Brazil are currently discussing quarterly and bi-annual contracts for the first months of 2019, and premiums seem to follow current spot levels, according to sources....